The chairman of Triple Point Social Housing REIT has said the need for the company’s offering “is as great – if not greater – than ever before”, as the investment firm posted a rise in income and profit for the past year.
Rental income for the company, which invests in newly developed social housing, rose by a quarter year-on-year to £31.6m, while pretax profit stood at £24.6m, up by almost 4%.
Chairman Christopher Phillips said: “Despite – or perhaps because of – the unprecedented pressures of 2020, our stakeholders across the board rose to the challenge. Commissioners continued to support our business model, referring residents into our housing whenever possible to relieve pressure on the NHS. Local authorities continued to pay rent and care fees to ensure the viability of schemes.
“Approved providers continued to provide essential housing services to keep properties as safe and suitable as possible for our residents. Care providers continued to provide care, implementing their infectious disease control policies and managing the challenges of social distancing to ensure our residents remained safe.”
The portfolio valuation rose to £611.6m from £503.8m a year earlier. EPRA net tangible asses per share rose from 105.37p a year ago to 106.42p, and earnings per share increased to 4.61p.
Triple Point acquired 400 units across 58 properties during the year for a combined £78.9m, bringing its portfolio to 445 properties.
Phillips added: “We look forward to 2021, conscious of the challenges that lie ahead, but cautiously optimistic about the success that we can achieve if we work hard to deliver the housing that our country, and our residents, so desperately need.”
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